Is the worst for Singtel finally over?

Analysts are overall positive on Singapore Telecommunications (Singtel) following its latest 3QFY2020 business update, which saw a 3.2% y-o-y drop in operating revenue to $4.2 billion, but on a q-o-q basis, revenue was 8.9% higher. This marks the second consecutive quarter of q-o-q revenue recovery across the business.

On the back of this, EBITDA fell 13.5% y-o-y to $1.0 billion, while  EBIT fell 38.3% y-o-y to $328 million.

The group’s y-o-y results continue to be impacted by the Covid-19 situation, where travel restrictions have severely reduced roaming and prepaid revenue. But on a q-o-q basis, the group is showing recovery, especially with revenue from its ICT segment growing as businesses adopt and accelerate their digitalisation efforts.